Zinc Junior Jumps on New Discovery Zone

Tinka Resources Limited (CVE:TK), a zinc junior, powered higher after announcing drill results from its Ayawilca deposit in Peru

Sean Mason | March 6, 2017 | SmallCapPower

More than a few speculators took a shine to drill results from a zinc junior Monday. Here’s some small stocks making big moves on Monday, March 6, 2017 (as of 4 pm EST):

Tinka Resources Limited (TSXV: TK) shares climbed 29% to $0.425 on Monday after the zinc junior announced partial results from Drill Hole A17-56, the first hole of the 10,000 metre 2017 drill program at its Ayawilca deposit in Peru, which included the discovery of a new zinc zone of 17.9 metres at 11.6% zinc within a wider zone of 62.4 metres at 5.6% zinc.

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As well, shares of GoldQuest Mining Corp. (TSXV: GQC) rose 15% to $0.54 as the gold explorer said Agnico Eagle Mines has agreed to invest C$22,860,000 in GoldQuest by way of a non-brokered private placement at a price of C$0.60 per common share, after which Agnico will own approximately 15% of the issued and outstanding common shares of GoldQuest.

Orefinders Resources Inc. (TSXV: ORX), meanwhile, reported that it has agreed to sell its Derlak Project in Red Lake, Ontario to Pure Gold Mining for $500,000 in cash and $800,000 worth of Pure Gold shares. Orefinders Resources stock moved up 22% to $0.055 following the announcement.

In addition, shares of Goldstrike Resources Ltd. (TSXV: GSR) surged 41% to $0.345 as the gold junior said Newmont Mining has agreed to make an investment of up to C$53 million, which includes a C$6.025 million non-brokered private placement, at a price of C$0.4742 per unit, as well as a right to earn a 51% interest in Goldstrike’s Plateau project in the Yukon.

Related: Yukon Gold Juniors Seen as Top Takeover Candidates

Finally, Nevada Sunrise Gold Corporation (TSXV: NEV) shares gained 22% to $0.31 after the junior explorer announced that it has received a drilling permit for its 100% owned Roulette Gold Project in Nevada.

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